COVID 19 cases are rising in India on a daily basis which is a cause of grave concern. Looking to the population of the country it was expected that once there is community transmission it would be quite difficult to contain this virus. Still the Government is taking all the measures to contain its impact.
General and health Insurers are selling Corona Covers in large numbers. These tailor–made policies have been bought by a large number of people to safeguard themselves as well as their staff members. Good number of claims have also been filed with the insurers.
The business of both life and general insurance companies has fallen due to poor economic conditions. This figure does not seem to improve in the coming months till the vaccine comes out. However the digital selling of policies has gained huge traction which will enable Insurance Companies to boost online sales, increase the reach and cut cost.
The Central Government has deferred the merger of 3 PSU General Insurance Companies. Also Got has finalized the infusion of capital in these 3 companies. The Government is also going ahead with the IPO of LIC.
COVID 19 has given a big boost to digital initiatives like online selling, awareness, webinars, online training. The Insurance Times Group during the lockdown period conducted 12 Webinars and is soon going to start regular online training programmes, and webinars in India as well as Overseas Countries.
